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Business Reporter

ECONET founder and prominent Zimbabwean businessman, Mr Strive Masiyiwa,  has appealed to the World Bank, the International Monetaey Fund (IMF) and other multilateral institutions for humanitarian support to Zimbabwe and Sudan in the wake of the economic devastation brought about by the Coronavirus epidemic.  

In his appeal statement, the business mogul said he was deeply concerned about the potential loss of life if international aid does not come quickly, specially to address the needs of the pandemic in the two countries.

Although Zimbabwe does not owe anything to the IMF, the two countriws were conspicuous in their omission from any form of relief because they are under sanctions, said Mr Masiyiwa who has been highly vocal in asking for debt relief and economic impact stimulus on behalf of the African continent.

“In making these appeals, those of us who have called for these measures have used as our bench-marking measures that have been taken in the US, Europe, Asia, and China.

“So far I am pleased that there has been growing support for these measures,” he said.

“At the last World Bank, IMF and G20 meetings, many African countries secured debt relief by way of ‘standstills’ on interest payments, which are valued at over US$22bn. 

More than half of that money has been disbursed already to countries in Africa, as it was sitting in debt service accounts.

“These African countries can now urgently buy medical equipment, PPE, ventilators. They can also train and pay doctors and nurses.”

A successful entrepreneur himself, Mr Masiyiwa said his plea for humanitarian support for the two countries was informed by the negative economic impact the Coronavirus has induced on the two countries, with severe effects on ordinary people. This situation has been worsened by the existence of sanctions on these economies.

Although his businesses have played an active role is assisting the country’s fight against Covid-19, Mr Masiyiwa said the efforts by private citizens alone were not enough.

He suggested that the World Bank and IMF create a Special Purpose Trust Vehicle, under the leadership of independent people, including global humanitarian organisations.

“I would like to appeal to the World Bank, IMF and other multilateral institutions, to create humanitarian Trusts for each country, which are managed by third parties, along the lines of the Global Fund,” he explained.

” have consulted widely with experts and many told me of numerous precedences, at the level of the UN, IMF, World Bank, the EU or even the US government itself.

“The more countries that can contribute, even from China, and our African brothers, the more credible it would be, as global compassion towards the people’s of these very poor nations. I would urge them to consider seeding the Trusts with at least $500m and inviting others including private philanthropy to participate.”

In the case of Zimbabwe, Mr Masiyiwa pledged to personally contribute in a Trust and encourage friends and partners to do the same. He said funding from such a structure would be used to provide urgently required medical supplies, training and remuneration for health care workers. 

“We can also provide urgently needed repairs to hospitals and rural clinics across the country. This is a humanitarian appeal.

“Please help Sudan and Zimbabwe’s people. 

In God’s name please help these nations, before it is too late,” said Mr  Masiyiwa.